18.8 Acres in Chandler Sold to AV Homes for 43 Residential Lots

Arizona in need of more lots due to hot housing market

PHOENIX, May 29, 2018 – Cushman & Wakefield announced that Scott W. Morrison and Karen Panietz, co-trustees of Scott W. Morrison and Karen Panietz Charitable Remainder Trust, sold 18.8 acres at Gilbert Road and Ocotillo Road in Chandler, Ariz. Scottsdale-based AV Homes of Arizona, LLC purchased the land for $4.93 million.

Brian Rosella of Cushman & Wakefield represented the seller. The buyer, AV Homes, plans to build 43 residential lots (85’ x 130’).

“Builders are in need of more lots right now because the housing market is the best it’s been since 2007,” said Rosella.

Cushman & Wakefield is tracking land transactions in the Chandler/Gilbert submarket and Rosella states, “In the first quarter of 2018 we’ve seen a record number of residential land transactions. Overall volume and price per acre are up and we expect this to continue into 2019.”

About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

2018-05-31T16:37:38-07:00May 31st, 2018|